1.5: The Marketing Toolkit - 4Ps to 4Es
The marketing mix, or 4Ps, introduced by E. Jerome McCarthy in the 1960s, is a cornerstone of marketing strategy. It includes the following:
Product involves tangible offerings, considering features, quality, design, branding, packaging, and warranties. Understanding the needs of the target market is crucial.
Price refers to the cost customers are willing to pay, considering production costs, competitors, and consumer perception.
Place (Distribution) involves selecting distribution channels like physical stores, e-commerce, and wholesalers, aligning with consumer convenience.
Promotion encompasses advertising, sales promotions, PR, social media, and content marketing to raise awareness and persuade customers to buy.
The 4Es framework is a contemporary extension of the 4Ps that focuses on the following:
Experience: Prioritizing the creation of memorable experiences around the product or service.
Exchange: Emphasizing marketing as a reciprocal value exchange between the customer and the business.
Everyplace: Stressing omnipresence across physical stores, online platforms, apps, and social media.
Evangelism: Shifting the focus from advertising to fostering brand evangelists and loyal customers who promote the product willingly.
